MA-INTL-FLAV-&-FRAGR

International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris:
IFF), a leading innovator of sensory experiences that move the world,
today will provide an update at the Barclays Global Consumer Staples
Conference on the Company’s progress on its previously announced
combination with Frutarom to create a global leader in taste, scent and
nutrition.

Andreas Fibig, IFF Chairman and Chief Executive Officer, and Richard
O’Leary, IFF Executive Vice President and Chief Financial Officer will
present today at 11:15 a.m. ET. A live audio webcast and replay will be
available at ir.iff.com
.

“The combination of IFF and Frutarom is truly unique and compelling as
it positions us as a global leader in taste, scent and nutrition,” said
Andreas Fibig, Chairman and CEO. “We are excited that this enables us to
have a stronger product offering, greater exposure to fast-growing
customers and broader access to attractive adjacencies. We believe this
will translate into accelerated financial performance as a combined
company, with robust top and bottom-line growth.

“We have made significant progress planning for the integration of our
two companies, and our accelerated timeline to close this transaction in
early October, pending all remaining antitrust approvals, is a true
testament to the hard work and integration planning efforts underway. On
this strong foundation, we believe that we will unlock significant
long-term value for our shareholders.”

Increases average sales growth targets to 5-7%, on a currency neutral
and pro-forma basis, for 2019 to 2021 period

Updates average currency neutral adjusted cash EPS growth to 10% or
greater for 2019 to 2021 period

Anticipates cost synergies of $145 million by rationalizing
procurement, optimizing global footprint and streamlining overhead
expenses by the third full year after the completion of the merger

Prioritizes repayment of debt and anticipates to be less than 3X net
debt to EBITDA in 18-24 months to retain investment grade rating

Strong progression towards transaction completion

Frutarom shareholders approved transaction with IFF by a majority of
~95%

On-track with all antitrust filings submitted and approvals received
in 6 of 8 jurisdictions

Close expected in early October pending remaining antitrust approvals

IFF and Frutarom had a strong start to 2018 with robust top and
bottom-line performances

Meet IFF
International Flavors & Fragrances Inc. (NYSE:IFF)
(Euronext Paris: IFF) is a leading innovator of sensorial experiences
that move the world. At the heart of our company, we are fueled by a
sense of discovery, constantly asking “what if?”. That passion for
exploration drives us to co-create unique products that consumers taste,
smell, or feel in beloved foods and beverages, iconic fine fragrances
and household goods, as well as indispensable personal and skincare
products. Our 7,300 team members globally take advantage of leading
consumer insights, research and development, creative expertise, and
customer intimacy to develop differentiated offerings for consumer
products. Learn more at www.iff.com
,
Twitter, Facebook, Instagram, and LinkedIn.

Forward Looking Statements

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements regarding IFF’s or Frutarom’s expected future financial
position, results of operations, cash flows, financing plans, business
strategy, budgets, capital expenditures, competitive positions, growth
opportunities, plans and objectives of management and statements
containing the words such as “anticipate,” “approximate,” “believe,”
“plan,” “estimate,” “expect,” “project,” “could,” “should,” “will,”
“intend,” “may” and other similar expressions, are forward-looking
statements. Statements in this press release concerning IFF’s or
Frutarom’s 2018 outlook or future economic performance, anticipated
profitability, revenues, expenses or other financial items, and product
or services line growth, together with other statements that are not
historical facts, are forward-looking statements that are estimates
reflecting management’s best judgment based upon currently available
information. IFF can give no assurance that its estimates will be
attained. Accordingly, you should not place undue reliance on any
forward-looking statements contained in this press release.
Forward-looking statements speak only as of the date(s) indicated in
this press release.

IFF’s results may be materially affected by factors such as, but not
limited to: (1) the inability to obtain required regulatory approvals
for the Frutarom acquisition (the “acquisition”), the timing of
obtaining such approvals and the risk that such approvals may result in
the imposition of adverse conditions; (2) the risk that a closing
condition to the acquisition may not be satisfied on a timely basis or
at all or that the acquisition may not close for any reason; (3)
uncertainties as to access to financing on a timely basis and on
reasonable terms or at all; (4) the impact of IFF’s proposed financing
on its liquidity and flexibility to respond to other opportunities; (5)
whether the acquisition will have the accretive effect on IFF’s earnings
or cash flows that it expects; (6) the inability to obtain, or delays in
obtaining, cost savings and synergies from the acquisition; (7) business
and operations integration costs and difficulties; (8) unexpected costs,
liabilities, charges or expenses relating to the acquisition; (9)
adverse effects on IFF’s stock price resulting from the acquisition;
(10) adverse effects on business relationships or competitive responses
resulting from the acquisition; (11) the inability to compete in the
markets in which IFF operates; (12) the inability to retain existing and
win new customers; (13) the inability to develop and introduce new
products that appeal to IFF’s customers; (14) disruptions in IFF’s
manufacturing or supply chain; (15) the inability to obtain raw
materials of quality, on cost-effective terms or at all, including
citral; (16) the inability to successfully implement IFF’s Vision 2020
strategy, including its acquisition strategy; (17) the risk of
information technology failure or interruption, of information security
breaches, and risks relating to intellectual property rights; (18)
adverse currency fluctuations or devaluations; (19) the regulatory,
political, economic, social and other risks of international operations,
including in emerging markets; (20) adverse changes in customer
preferences or a decrease in consumer spending; (21) the inability to
attract or retain key personnel; (22) the inability to realize the
benefits of IFF’s cost and productivity initiatives; (23) the cost and
difficulty of complying with, and risk of adverse changes to, domestic,
foreign and international laws, regulations and rules, including
regarding taxation; (24) volatility and increases in the price of raw
materials, energy and transportation; (25) price realization in a rising
input cost environment; and (26) the risk of adverse legal or regulatory
proceedings. For a discussion of risks and important factors that could
cause actual results to differ from expectations, projections and
forward-looking statements, see the risks and other factors and
information in IFF's filings with the Securities and Exchange
Commission, including IFF’s Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and other filings available on IFF’s website (www.iff.com
).
New risks emerge from time to time and it is not possible for management
to predict all such risk factors or to assess the impact of such risks
on IFF’s business. IFF disclaims any obligation to update any such
factors or to announce publicly the results of any revisions to any of
the forward-looking statements to reflect future events or developments.

In this press release we provide forward-looking CAGR and net debt to
EBITDA amounts in the form of guidance. This guidance is provided on a
non-GAAP basis and cannot be reconciled to the closest GAAP measures
without unreasonable effort because of the unpredictability of the
amounts and timing of events affecting the items we exclude from
non-GAAP measures. For example, acquisition-related costs, restructuring
and other charges, net, and integration costs are all impacted by the
timing and size of potential future actions, which are difficult to
predict. In addition, from time to time, we exclude certain items that
occur infrequently, which are also inherently difficult to predict and
estimate. It is also difficult to predict the tax effect of the items we
exclude and to estimate certain discrete tax items, like the resolution
of tax audits or changes to tax laws. As such, the costs that are being
excluded from non-GAAP guidance are difficult to predict and a
reconciliation or a range of results could lead to disclosure that would
be imprecise or potentially misleading. Material changes to any one of
the exclusions could have a significant effect on our guidance and
future GAAP results.

This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and may not be relied upon
in connection with the purchase or sale of any security. Any such offer
would only be made by means of formal offering documents, the terms of
which would govern in all respects. You are cautioned against using this
information as the basis for making a decision to purchase any security.

You should not rely exclusively on this press release as the basis upon
which to make an investment decision. The information in this press
release is provided to you as of the dates indicated and IFF does not
intend to update the information after its distribution, even in the
event that the information becomes materially inaccurate. Certain
information contained in this press release includes calculations or
figures that have been prepared internally and have not been audited or
verified by a third party. Use of different methods for preparing,
calculating or presenting information may lead to different results and
such differences may be material. In addition, in all cases where
historical performance is presented, please note that past performance
is not a reliable indicator of future results and should not be relied
upon as the basis for making an investment decision.

These materials are not intended for distribution to, or use by, any
person or entity in any jurisdiction or country where such distribution
or use is contrary to local law or regulation.